Post Office Time Deposit Account is one the post office scheme which offers relatively higher rate of interest. Under this scheme, the amount can be deposited for period of 1 Year, 2 Years, 3 Years & 5 Years.
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Post Office Recurring Deposit Account is one the post office scheme which can be opened at minimum amount of Rs. 10 / month at the interest rate of 8.4% per annum (quarterly compounded). For ex. If you invested Rs. 20 / Month for 5 years, the amount will be Rs. 1493.06 after maturity.
Post Office Savings Accounts is one the post office scheme which can be opened at minimum amount of Rs.20 at the interest rate of 4% per annum. The minimum balance amount to be maintained is Rs. 50 (for non cheque facility). For cheque facility, if an account is opened with Rs. 500 and the minimum balance to be maintained is Rs. 500 in account. Cheque facility can be taken on existing account.
Post Office Monthly Income Scheme (POMIS) is one the post office scheme which offers a guaranteed return on your investment. So the investor wants to generate monthly income can open this account and get assured return on the investment. This scheme is very useful for retired persons. So as they can invest a lump-sum amount and earn the interest on monthly basis.
Senior Citizen Savings Scheme is a Government Product which offer higher interest rate. The scheme was launched in Year 2004 for the benefit of senior citizens of India. The Tenure of the Senior Citizen Savings Scheme is 5 years from the date of opening of the account. On maturity the amount in the Senior Citizen Savings Scheme can be withdrawn by submitting Application Form E.However the deposit scheme can be extended by 3 years, after submitting the Form B within 1 year from the date of the maturity.